Jan 24th, 2018: Dollar Hits Three Year Low
January 24, 2018 8:11 amVideo
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Morning Report: 07.00 London
The dollar index hit its lowest level in three years, trading below the 90 level for the first time since 2014. The move comes as key dollar pairs such as the GBP/USD and EUR/USD strengthen on rate hike expectations. The pound was also helped by smaller than expected public sector net borrowing.
The GBP/USD is extending yesterday’s rally, while the EUR/USD is struggling, pushing the EUR/GBP lower again.
The other main counterweight to the dollar, the yen is also rise, forcing the USD/JPY lower after heavy selling yesterday. Other yen pairs are following suit, with the exception of the GBP/JPY which is out performing.
The Australian and New Zealand dollar are pushing higher again, extending recent gains, although the Kiwi is lagging.
Gold is also nudging higher and looks set to challenge the September highs.
Coming up today
Coming up today, we have French flash manufacturing PMI and flash services PMI at 08.00. Corresponding German data follows at 08.30, with European data at 09.00.
UK average earnings are at 09.30, with claimant count change and the unemployment rate at the same time.
US crude oil inventories are at 15.30.
Trade Idea
With the US dollar continuing to struggle, betting on dollar pairs to climb higher could be a good bet from here.
A strong candidate is the NZD/USD which is steadily climbing from the December lows.
A good way to play this is a HIGHER trade predicting that the NZD/USD will close above 0.8800 in 14 days for a potential return of 118%.
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